ECON-MIX

The inability to satisfy all wants at the same time

• demand
• supply
• consumption
• scarcity

Factors of production that are used in the production of goods and services

• products
• resources
• services
• consumption

Selecting an item or action from a set of possible alternatives

• choice
• command
• products
• demands

Combining of the resources to make goods or provide services

• consumption
• demand
• supply
• production

Economy where there is a lack of consumer choice

• traditional
• command
• free market
• mixed

An entrepreneur is a person who - 

• enforces government regulations for businesses
• takes the risk of production to earn a profit
• sets the interest rates at banks
• manages financial investments

A form of business organization with one owner who assumes all of the risks AND the profits

• Proprietorship
• Partnership
• Corporation
• Entrepreneur

When people produce only one or some of the goods and services they consume, then trade with others to get more of the things they want.

• Specialization
• Entrepreneur
• Natural Resources
• Scarcity

Which of the following is not the function of entrepreneurs

• They come up with a business idea

• They are business owners

• Payment for the entrepreneurs are profits

• Entrepreneurs are risk takers

What is the name given to a firm that dominates a market?

• A monopoly firm

• An oligopoly firm

• A primary sector firm

• A secondary sector firm